Money Monday #GOODDAYDC Toby Smith SECU SVP and chief banking officer

May money goals

April 30, 2025

In May, many of us will spring clean and get our house in order. Dust the cobwebs. Power wash the siding. Weed the garden.

But what about your financial house? How does your budget look after the winter? Do you need water your savings?

SVP and Chief Banking Officer Toby Smith spoke with Fox 5 DC about May Money Goals. What can you do in May to continue financial success or get back on track for the rest of 2025?

  1. Set financial goals and stick to them: Get an accountability buddy to help you evaluate your plan and hold you to it when you might want to slip up and make that impulse buy. You can make a financial wellness checkup appointment with us to start the process.
  2. Take full inventory of your finances: Account for every cent, each account, and all your debts. SECU can help with our Credit Score feature. Login to your account through online banking and register to see and improve your credit score.
  3. Don’t chase rewards points: Are those extra 50 points really worth it if you can’t make your full credit card payment? The interest on your remaining balance most likely far exceeds any coffee or retail store perks.
  4. Pay yourself first: It’s easier said than done, but try to stick to this 50/30/20 rule. 50% of your budget goes to required expenses (rent, heating, health care). 30% is discretionary (meals out, vacations, gifts). 20% you pay yourself straight into savings.

You can watch Toby’s full segment below.

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The video is a short news interview in which Toby Smith from SECU speaks with a Fox 5 DC morning show host about practical financial steps people can take in May. The segment is filmed in a studio setting, with the host and Toby appearing in a split‑screen format.

The host introduces the topic by noting that May is a good time for a financial reset. Toby Smith agrees and explains that setting clear, realistic financial goals is an important first step. He encourages viewers to choose one or two specific goals and to share them with an accountability partner who can help them stay disciplined and avoid impulse spending.

Toby then discusses the importance of reviewing one’s full financial picture. He recommends looking at all bank accounts, debts, and spending categories to understand where money is going. He mentions that SECU members have access to a Credit Score tool within online banking that can help them monitor and improve their credit health.

The host brings up credit card rewards, and Toby cautions viewers not to chase small perks if it means carrying a balance. He explains that interest charges can quickly outweigh the value of reward points or cash‑back offers.

As the segment wraps up, Toby shares a simple budgeting framework known as the 50/30/20 rule. In this approach, half of one’s income goes toward essential expenses, 30 percent toward discretionary spending, and 20 percent toward savings. He describes this as a practical way to build long‑term financial stability.

The host thanks Toby for the advice, and the segment ends with a brief reminder that SECU offers financial wellness resources for Maryland residents.

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